01 Dec Spring, a succesful season
The last quarter has proved to be a successful season for GlassUp, a startup located in Modena that specializes in designing and developing augmented reality glasses. The company’s growth process had already seen two key milestones this winter: the positive conclusion of a crowdfunding campaign (250,000 € given 10% of equity) and the official presentation of new augmented reality glasses for industrial applications, or GlassUp F4 presented at the headquarters of Confindustria Emilia in Modena. To disprove the theory that April (together with May) is the cruellest month, here are two more outstanding victories obtained by the team of Emilian innovators: the acceptance by the European Commission offices of the application for funds through the SME-2 Instruments Horizon 2020 grant and the victory of the long legal quarrel between GlassUp and the Mountain View giant, Google.
1,000,000 € for GlassUp UNO Sport
On May 18th the European Commission officially announced the victory of GlassUp for the SME-2 Instruments Horizon 2020 call, to which the company had applied by submitting a project focused on the sportive review of the optical technology already developed for GlassUp UNO. Specifically, the proposal concerned an ergonomic restyling of the smart glass for its use during cycling or running. The application, presented in collaboration with the Maltese consulting company Ateknea, was positively assessed by the European Commission in terms of operational capacity, innovation, creation of new business opportunities and credibility of the scientific and technological know-how of GlassUp. The investment (non-refundable) will amount to 1 million euros and it will be distributed in two years. Thanks to this capital injection, the company’s financial calculation- which was already significant for a startup- further increases ensuring greater stability to the company and reciprocating the trust of many investors. In phase 2, SME Instrument funding allows companies to invest in demonstration, testing, piloting, scaling up and miniaturization as well as to develop a mature business plan for products. Winning companies can also benefit from 12 business coaching days. Among the ten winning Italian companies, five were from Emilia-Romagna. In addition to GlassUp, will receive European funds Elettronica GF from Faenza, Topjet from Fiorano Modenese, Cogne Macchine Tessili from Imola and Budri from Mirandola. Congratulations to all!